We would like to thank all our investors who participated in our successful Quadrant Biosciences Inc. common share offering. Proceeds raised through this offering exceeded our expectations. In total, we raised approximately over $13 million through the issuance of common shares at $1.25/share. Approximately $9.3 million of this amount was raised through new cash purchases, the remainder was raised from existing investors who reinvested their preference payments in relation to their Series A Preferred Shares, and from the conversion of debt.
We have used a portion of the proceeds of the offering to pay the preference declared on our Series A Preferred Shares, and have converted all of our Series A Preferred Shares to Common Shares. We believe the remaining proceeds of the offering are sufficient to meet our anticipated needs, and we believe our existing shareholders will be best served by us deferring, for now at least, our proposed token issuance and auction.
Our principal focus will continue to be to develop, market, and distribute our diagnostic health products, including our ClearEdge brain health tool kit and our suite of saliva - based epigenetic diagnostic tests, and to take other prudent steps to improve our prospects and provide value to our shareholders. We hope you will continue to follow our progress and help us be part of the solution!